October 15, 2018
Law firms in Manhattan are voting with their feet, and their wallets. Leasing volume in the sector was up 24% year over year through the third quarter, and nearly 60% of those deals involved relocation to new or redeveloped properties such as 1271 Ave. of the Americas (pictured), according to CBRE.
And while 56.8% of Manhattan’s law firms have grown their headcounts Y-O-Y, simultaneously they favor densification.
“The law firm industry is trending towards more efficient workplace standards, which is one of the drivers behind the strong leasing activity we’ve seen in this sector over the past year,” said CBRE’s Ken Rapp. “Law firms are finding that they can take less square footage for the same number of employees, if not more, when they put an emphasis on workplace efficiency.”
Combine this commitment to working more efficiently with increased concessions from landlords, and “relocations for law firms are easier to justify,” he added.
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